Dogecoin Reaches Key Milestone as Wallet Addresses Surpass 90 Million
Dogecoin (DOGE) has recently hit a significant milestone. The number of wallet addresses holding the meme cryptocurrency has crossed the 90 million mark, driven by a market recovery that saw the asset surge by 15% in just one week.
Dogecoin Surpasses 90 Million Wallets
According to data from on-chain analytics firm IntoTheBlock, there are now 90 million wallet addresses holding Dogecoin. It's important to note that one wallet does not necessarily equate to one user, as individuals can create multiple wallets.
Additionally, some wallets, such as those owned by exchanges, may hold DOGE on behalf of multiple users.
Crypto Globe reports that this milestone comes amid growing demand for Dogecoin within the broader cryptocurrency market. Some analysts believe this surge in wallet addresses could drive the price of DOGE towards its coveted $1 level by the end of the year.
This optimism is fueled by the growing number of holders, which is often seen as a positive indicator for future price performance.
Analysts Offer Bullish Outlook
Crypto analysts have shared their thoughts on the future of Dogecoin. One notable figure is pseudonymous analyst Kaleo, who recently expressed a long-term bullish view on the asset.
He believes that we are currently in a memecoin supercycle and expects DOGE to eventually reach $1 to $2. However, Kaleo emphasizes that historical trends suggest this will take time to develop, giving investors an opportunity to prepare.
Another analyst, Javon Marks, also shared an optimistic projection for DOGE. Marks suggests that Dogecoin could soon see a price surge to $0.653, representing an over 400% increase from its current level of $0.118.
Marks believes it's only a matter of time before this rally occurs, fueled by current market dynamics and growing investor interest.
Dogecoin's historical performance has been marked by significant volatility, typical of cryptocurrencies, especially memecoins. Nevertheless, DOGE has managed to retain a loyal and enthusiastic community.
The recent surge in wallet addresses holding DOGE signals growing interest and belief in its potential. Kaleo's analysis highlights Dogecoin's past trend, showcasing periods of rapid growth followed by corrections.